Godfreys has appointed veteran lawyer Nicholas Stretch as its chairman, one day after four board members resigned as 99-year-old co-founder John Johnston’s plan to take over the business progresses.

Stretch has been installed as an independent non-executive director and chairman of the retailer’s board effective immediately. He has been in legal practice for over 30 years and is head of law firm Denton’s Melbourne office and its corporate group in Australia.

In a statement to shareholders, Godfreys said Stretch has extensive experience in mergers and acquisitions. Stretch has previously acted for KordaMentha as receivers and managers of the Lincraft retail chain, that underwent a successful restructure.

The new Godfreys chairman has also acted as the sole director of Fusion Retail Brands during its financial restructuring and as legal adviser in relation to the sale of the Australian Geographic retail stores.

Johnston’s Arcade company now has a controlling interest in Godfreys after upping his bid to takeover the company.

Godfreys recently downgraded its full year earnings guidance by 36 per cent after reporting a drop in like-for-like sales.

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